Columbian exchange extends Nasdaq OMX tech contract

10 October 2012 | 1379 views | 0Source: Nasdaq OMX

The NASDAQ OMX Group, Inc. (NDAQ) and the Bolsa de Valores de Colombia (BVC), the fourth largest stock exchange in Latin America, today announced the extension of their current technology contract for an additional five years.

This extension is part of BVC's ongoing initiative to continue strengthening its position in both the regional and international exchange arena.

Since 2007, the relationship between BVC and NASDAQ OMX has been a key partnership in Latin America for both companies. BVC selected X-stream, used in more than 22 markets making it the most widely used marketplace system in the world, to power a new equities trading system and provide the technology to launch a new derivatives marketplace to enhance BVC's marketplace offerings. BVC subsequently expanded its marketplace to include energy contracts using the X-stream trading solution, which operates multi-asset classes and multi-currency trading.

Juan Pablo Cordoba, President of BVC, said: "We're thrilled to be using a platform that allows us to conform to international standards thus making our equity and derivatives markets attractive to foreign and domestic investors, as well as raising the bar for our market participants. At 100 percent uptime, there was no questioning our decision to extend our current contract to continue running on NASDAQ OMX's X-stream solution."

Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology, said: "We couldn't be more pleased to continue our relationship with BVC. BVC is rapidly becoming a significant exchange not just in Latin America, but the world. It is a privilege to support the company in its ascension and as NASDAQ OMX continues its own expansion in Latin America."